This week, I’m talking about a very widespread issue, yet it’s one that seldom discussed today - Dealing with the financial and emotional stress of caring for aging parents, all while trying to save for your own retirement and balance all of your other competing priorities. 

More than 10% of the U.S. population is providing unpaid care to someone else over 50. 

So far this week, I’ve talked about the financial strain of caring for aging parents, and how you can explore getting reimbursed for care you’re already providing, but today, I want to switch gears and talk about the emotional stress of caring for your aging parents, particularly if you are caring for a parent with dementia, Alzheimer’s, or who is just plain stubborn. 

Earlier this week, I was having lunch with a woman who was telling me the story of a friend of hers who lost her husband in the mall for 2 hours recently. He has dementia and wandered off while she had her back turned for just a second. Imagine the panic and worry she must’ve felt as no one could find her wandering husband for over 2 hours. 

I’ve heard other stories of parents with dementia leaving for the bathroom in the movies, only to head to the car and drive home instead, or leaving the house and walking along busy streets, ending up across town. 

Those are just extreme examples, and don’t take into account the daily ups and downs, stresses and frustrations of caring for an aging parent - especially one who is forgetful, stubborn, or who needs a high level of care. 

If that’s you, I don’t have much to offer anything other than encouragement for the noble work you’re doing. Not only are you providing the financial and physical support to your loved one, you are also providing emotional support by your presence, conversations, a meal cooked, or time spent together driving in the car or waiting at the doctor’s office. 

If you find that you’re struggling financially or emotionally with your caregiving role, reach out for support. Talk to your family - see if another family member can help out to lighten your load. Consider hiring a part time caregiver to give you a break, and look into support groups - as I mentioned, over 10% of the population is providing unpaid care to a loved one over 50. 

So make sure you’re still taking good care of you while caring for an aging parent, and explore other sources of help if you’re feeling burned out. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, paying family members for elder care, getting paid for taking care of elderly parent, caring for aging parents statistics, caring for aging parents, caring for elderly parents stress, medicaid cash and counseling program, importance of elderly care, taking care of the elderly in your home

This week, I’m talking about a very widespread issue, yet it’s one that seldom discussed today - Dealing with the financial and emotional stress of caring for aging parents, all while trying to save for your own retirement and balance all of your other competing priorities. 

Yesterday, I talked about the fact that caring for aging parents often falls during those last working years and early retirement years, making it particularily difficult to plan for your own successful retirement. It seems like you just got done raising your own family, and now you’re thrown right back in the caregiving role by caring for mom or dad. 

A common question that comes up for unpaid caregivers is: can you get reimbursed for the care you’re providing? 

That’s a really great question, and not an easy one to tackle, so I’ll just touch on a couple of points here, but if you go to the show notes which you can find over on itunes for episode 297, all the links for additional reading and resources can be found there. 

The short answer is that most of the time, it’s going to be very difficult to get paid to care for a family member. There are certain exceptions though, so do your homework. There are state-specific programs that will reimburse you or provide you with other benefits for caring for an aging parent. There are other programs available through Medicaid and certain government agencies and charitable organizations. You may also be able to deduct medical expenses for an aging parent depending on your situation. 

The key here is not to just suck it up and pay for expenses out of pocket. You probably can’t get reimbursed for your time, but there are avenues to explore for getting reimbursed, and again, I’ll link to further reading on today’s show notes in iTunes which is episode 297 of the One Minute Retirement Tip. 

Additional Resources: 

• https://thecaregiverspace.org/paid-to-be-a-family-caregiver/
• https://www.caregiver.org/frequently-asked-questions#faq2

That’s it for today!  Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, paying family members for elder care, getting paid for taking care of elderly parent, caring for aging parents statistics, caring for aging parents, caring for elderly parents stress, medicaid cash and counseling program, importance of elderly care, taking care of the elderly in your home

This week, I’m talking about a very widespread issue, yet it’s one that is seldom discussed today - Dealing with the financial and emotional stress of caring for aging parents, all while trying to save for your own retirement and balance all of your other competing priorities. 

Caring for your aging parents is a lot like a Chinese finger trap. You’re being pulled and stretched in opposite directions and there seems to be no way out. You may even have the perfect storm of continuing to support college-age or young adult children while trying to save for retirement and provide care and/or financial support for your parents. 

It’s stressful, and it’s a problem that impacts many Americans today. According to a 2015 study by AARP, About 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. 34.2 million of us! That’s more than 10% of the U.S. population who is providing unpaid care. 

And about 16 million adult family caregivers care for someone who has Alzheimer's disease or other dementia. 

Many caregivers also do the shopping and pay for expenses out of their own pocket for their parents. 

In addition to the expense involved, the responsibility of caregiving can also take a toll on your wallet because of the time involved. Every hour spent on caregiving is time spent away from work, where in your late 50s or early 60s, you’re also missing out on what is often your highest paid working years. 

In addition to the paycheck you’re missing out on if you leave your job to care for an aging parent, you’re also missing out on retirement contributions and matching dollars, social security credits, and other important benefits like health insurance coverage. 

So the financial burden of caring for aging parents is nothing to take lightly, since it can diminish your own financial security in retirement.

Now I don’t want you to misunderstand what I’m saying here about caregiving for family. I think it’s a very noble, loving, and kind thing to do. However, all the choices we make have trade-offs, so it’s important that you understand and consider the financial impact when making decisions about providing care for a loved one. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, paying family members for elder care, getting paid for taking care of elderly parent, caring for aging parents statistics, caring for aging parents, caring for elderly parents stress, medicaid cash and counseling program, importance of elderly care, taking care of the elderly in your home

Welcome to a new week and a new theme here on the One Minute Retirement Tip! This week, I’m talking about a very widespread issue, yet it’s one that seldom discussed today - Dealing with the financial and emotional stress of caring for aging parents, all while trying to save for your own retirement and balance all of your other competing priorities. 

It’s an important topic, and one that needs to be talked about, so that’s what I’m focusing on this week. 

I’ll talk about the stress and emotional drain of caring for aging parents, how you can get reimbursed if you’re helping to pay for mom and dad’s bills, and why the work that you’re doing is important and worthwhile. 

That’s it for today. Thanks for listening! Tomorrow, we’re going to dive in by addressing the financial stress of caring for your aging parents. 

Before you go, please take a minute to leave a review for the One Minute Retirement Tip in Amazon or iTunes. If you find these tips valuable, or if you have feedback for me or topic suggestions, it’s a great way to share the love and share your ideas with me! And thanks to you if you who have already left a review. 

My name is Ashley Micciche...and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, paying family members for elder care, getting paid for taking care of elderly parent, caring for aging parents statistics, caring for aging parents, caring for elderly parents stress, medicaid cash and counseling program, importance of elderly care, taking care of the elderly in your home

This week, I’m sharing with you my must read personal finance books. Today I am sharing with you the book that Warren Buffett calls “the best book on investing ever written.” That’s a pretty powerful stamp of approval from arguably the best investor of all time. 

The Intelligent Investor by Benjamin Graham is a must read for investors. In fact, if you only read one book on investing your entire life, make it this one. 

In the book, Graham lays out a framework for making smart decisions, understanding and keeping your cool in the manic depressive nature of the stock market, investing in good and bad markets, and minimizing losses. 

Graham’s influence on some of the most successful investors of the last century cannot be ignored, and thankfully he has shared the core principles of his philosophy in this classic book. 

I’ll link to the book in the show notes of this episode, which is episode 293: 

https://www.amazon.com/Intelligent-Investor-Collins-Business-Essentials-ebook/dp/B000FC12C8/ref=sr_1_3?keywords=the+intelligent+investor&qid=1563300049&s=digital-text&sr=1-3

That’s it for today. Thanks for listening. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme. 

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, best books to read, best investing books of all time, best investment books, best finance books, best finance books of all time 

As an avid reader, I’ve consumed many books over the years on the topics of money, personal finance, and investing. So this week, I’m sharing with you my must read personal finance books. 

Today, I’m sharing with you the most read book of all time that has a lot to say about money - the Bible. 

If you are a Christian, the Bible should be your guidebook when it comes to your relationship with your money. Even if you’re not a Christian, the Bible has much wisdom to teach us about money. 

First of all, it seems clear that God is teaching us through his Word that simply having money is not evil or wrong. It’s the love of money, or greed, that is the problem. So it’s no wonder that greed is one of the 7 deadly sins. 

In Matthew chapter 6, verse 24, Jesus himself says: “No one can serve two masters. He will either hate one and love the other, or be devoted to one and despise the other. You cannot serve God and mammon.” Jesus’ teaching is clear. Our love for God cannot be divided. If the love of money is edging it’s way into our lives, then we are edging God out at the same time. 

I think Dave Ramsey’s view on money best summarizes what our relationship to money should be - he says that our money is not actually ours. Our money and wealth belongs to God. We are called to be stewards of God’s wealth and be responsible with the wealth He has blessed us with.

Which means first and foremost providing for our families and our own well-being, and yes, it’s okay to be wealthy and have money. It’s not how much we have, it’s what we do with our money (with God’s money) that matters. Building wealth, then, isn’t a race to see who can die with the most toys. 

Using God’s wealth appropriately requires us to be generous and responsible, and even to make sacrifices in being generous with those who are in need everywhere around us. So I encourage you to read what the bible has to say about money. And examine your own behaviors with your money. Are you living beyond your means? Spending too much? Deeply in debt? Do you give to those around you in need? If you are living just for yourself, trying to accumulate more and more, that is in clear contrast to what God asks of us in His biblical teachings. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, best books to read, best investing books of all time, best investment books, best finance books, best finance books of all time

I believe that the right book at the right time has the power to change your life. As an avid reader myself, I’ve consumed many books over the years on the topics of money, personal finance, and investing. So this week, I’m sharing with you my must read personal finance books. 

Today, I’m sharing with you the book that isn’t a finance book, but when you apply the principles of this book to your relationship with money, it’s a powerful tool for focusing on the right things. 

Essentialism by Greg Mckeown is actually a book about productivity. Not trying to fit more in to our busy lives and get more done, but rather, focusing on what matters, what’s essential, to spend our time on the right things. 

Essentialism is a systematic discipline for discerning what is absolutely essential, then eliminating everything that is not, so we can make the highest possible contribution towards the things that really matter. 

So how do you apply the principles of this non-financial book to your relationship with money, and why does that matter. 

Every day we make choices about how we spend our money. A choice made today impacts the choices we have tomorrow. For example, let’s say that you buy a daily latte for $4.50. That daily latte costs you over $1,600 per year. Is the latte the right thing you want to spend your money on? It very well might be, but we have to consider the trade offs. Choosing to spend your money on the daily latte might keep you from saving more for retirement, taking that trip you’ve been putting off, or otherwise spending your money on what really matters to you. 

So it’s important that you take a good look at your money habits. How are you making the highest contribution to what really matters with your money. 

Another practical approach to essentialism in your personal financial life is to list your top 3 financial goals for the next 1 year, 5 years, and lifetime. When you know what’s important to you and why, it will help clear the path for acting in a way that’s consistent with your most important goals, and not wasting time or money on what doesn’t really matter to you.

That’s it for today!  Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, best books to read, best investing books of all time, best investment books, best finance books, best finance books of all time 

I believe that the right book at the right time has the power to change your life. As an avid reader myself, I’ve consumed many books over the years on the topics of money, personal finance, and investing. So this week, I’m sharing with you my must read personal finance books. 

Today, I’m sharing with you the book that every high school and college student should read, but also a book that you’re never too old to read and learn from. 

The Millionaire Next Door. This book, first published in 1996 is a timeless classic. It asserts that the typical American millionaire family “bargain-shops for used cars, raises children who don’t realize how rich their families are, and reject a lifestyle of flashy exhibitionism and competitive spending.

That’s the very behavior that made them wealthy in the first place. For the vast majority of millionaires, their wealth didn’t come from winning the lottery or from a trust fund or inheritance. Instead their wealth was amassed slowly over time by hard work, living below their income, a commitment to saving, and self-discipline. 

In our hedonistic culture where the vast majority of Americans live the YOLO lifestyle and spend their money on clothes and lattes instead of saving and investing their money, we all need to keep the message of this book in mind. 

This book is encouraging because you are already equipped with everything you need to build wealth and change your life. And you can start today. 

The other thing I appreciate about the book other than it’s comprehensive study of actual millionaires and their habits is that the lessons in the book are practical. The authors distill their study of millionaires into 7 habits and common traits that each of us can learn from and apply in our own lives. 

So if you’re not where you want to be financially, pick up this book. 

I’ll link to the book in the show notes >> https://www.amazon.com/Millionaire-Next-Door-William-Danko-ebook/dp/B00CLT31D6/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=

By the way, you can buy this book for really cheap used, $5 if you have a Kindle, or you can read it for free if you subscribe to Kindle Unlimited. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, best books to read, best investing books of all time, best investment books, best finance books, best finance books of all time